Minneapolis-based U.S. Bancorp to spend over $115 million to address 'economic and racial inequities'U.S. Bancorp said Friday that in response to the George Floyd tragedy, it will commit $100 million in capital a year to African-American owned and led businesses or organizations, as the Minneapolis-based bank looks to address "systemic economic and racial inequities." The bank also said it will establish a $15 million fund to award community grants focused on addressing racial inequities in small business, affordable housing and workplace development, and invest $1 million to its employee assistance fund, which supports employees facing hardships. The company said it will double partnerships with African-American suppliers in the next 12 months. In Minneapolis, the bank said it will break ground "as soon as possible" to repair branches and facilities damaged during the civil unrest, and will work to repair other damaged facilities across the country. For its employees, it will provide an additional eight hours of paid time off to volunteer in their communities during the next two months, in addition to the 16 hours of paid time off they already receive for volunteering. The stock, which rose 7.0% in afternoon trading, has dropped 27.7% year to date, while the SPDR S&P Bank ETF has shed 21.7% and the S&P 500 has slipped 0.9%.

‘We basically had less than 24 hours to mobilize.’ This Chicago neighborhood was battling coronavirus — then the demolition happened Little Village, a heavily Mexican-American neighborhood, has been a gateway to the Midwest for generations of immigrantsLittle Village, a heavily Mexican-American neighborhood, has been a gateway to the Midwest for generations of immigrants.

Mortgage rates are at historic lows — but the coronavirus pandemic is making homes less affordable for buyers Young home-buyers are at an especial disadvantage in today’s housing marketYoung home-buyers are at an especial disadvantage in today’s housing market.

Government backstop grows to 98% of new financing in residential mortgage-bond market during pandemic COVID-19 has “completely upended” progress toward reducing government’s hold on mortgage finance, says Barclay’s Dennis LeeThe government is dominating the $11 trillion U.S. housing debt market more than before the pandemic, as private sources of capital evaporate, according to Barclays.

‘The housing emergency most harms people of color:’ Black Americans face an unequal housing market — and coronavirus could make it worse ‘Without focused action, the pending tsunami of evictions and homelessness will disproportionately affect Black and brown people’‘Without focused action, the pending tsunami of evictions and homelessness will disproportionately affect Black and brown people.’

Warning of ‘green swan’ risks, climate group Ceres and bipartisan supporters lay out 50-step plan for markets and regulators U.S. lags counterparts in China, Europe, the U.K., South America and Canada in responding to climate change as a systemic risk — including in tie-ins with COVID-19 responseA new report outlines how and why U.S. financial regulators, who are responsible for protecting the stability and competitiveness of the U.S. economy, need to recognize and act on climate change as a systemic risk

Dial down your debt payments to preserve cash If you’re income has taken a beating, paying off debt isn’t as important right nowIt might seem odd to focus on savings, but gathering cash will give you more flexibility in the next emergency.

We’re at month 2: Tracking the Fed’s efforts to keep credit flowing during the coronavirus pandemic New York’s MTA wants access to municipal facilityThe Federal Reserve is promising it has more firepower to use if a second wave of coronavirus infections hit the U.S., as more states unfurl plans to reopen after roughly two months of lockdowns.

How the coronavirus pandemic could forever change home buying and mortgage lending Borrowers and lenders will face these 3 new and unfamiliar ways of doing businessBorrowers and lenders will face these 3 new and unfamiliar ways of doing business, writes Sanjiv Das.

Social Security recipients may be in for a rude awakening later this year There’s a larger problem: aligning retiree spending with Social Security checks There’s a larger problem: aligning retiree spending with Social Security checks

Can my investments survive a crisis if I retire early? It did for these early retirees living in Mexico ‘The FIRE lifestyle prepares one for situations like COVID, in that we are already living within our means and have no debt’‘The FIRE lifestyle prepares one for situations like COVID, in that we are already living within our means and have no debt.’

Before pulling money from your retirement account, ask yourself these 5 tough questions Penalties for withdrawing funds early are waived temporarily, but caveats remainPenalties for withdrawing funds early are waived temporarily, but caveats remain.

Over 4 million Americans are now skipping their mortgage payments The pace of homeowners requesting mortgage relief because of the coronavirus pandemic has slowed considerablyThe pace of homeowners requesting mortgage relief because of the coronavirus pandemic has slowed considerably.

Mortgage regulator to loosen refinance restrictions for home loans in forbearance People will have an easier time refinancing loans backed by Fannie Mae and Freddie Mac following being in forbearance based on new rules regulators are putting in placePeople will have an easier time refinancing loans backed by Fannie Mae and Freddie Mac following being in forbearance based on new rules regulators are putting in place.

As deadline passes for returning small-business loans, public companies have given back $500 million and kept $900 million Hotel and cruise companies reverse themselves after first saying they weren’t giving back their Paycheck Protection Program loans The Treasury Department says Paycheck Protection Program loans are not meant for “a public company with substantial market value and access to capital markets” and given big borrowers a May 18 deadline. Here’s how the returns are going.

Make these your money goals if you’ve stayed employed during the pandemic Now’s the time to focus on your fiscal health and emerge from this economic crisis in better shape than you went into itJust because you’ve kept your job doesn’t mean you are safe a month from now.

How the coronavirus recession has rewritten the traditional bear-market playbook Utilities, consumer staples and real estate have disappointed in recent weeksTraditionally defensive sectors have performed surprisingly poorly during the ongoing coronavirus recession while typically cyclical sectors, most especially information technology, have remained a bulwark for investors, and these dynamics may be reason for investors to rethink time-tested concepts of defensive and offensive investing, analysts say.

Mortgage delinquencies caused by the coronavirus will exceed Great Recession levels, according to this forecast The troubles homeowners face now could make it harder for other people to get home loans in the futureThe troubles homeowners face now could make it harder for other people to get home loans in the future.

The economy can only start to recover from its coronavirus meltdown once it hits rock bottom. Are we there yet? The U.S. faces a long road to recovery. Is it already starting?Most economists think it will take years before the U.S. fully recovers. But the sooner the economy hits rock bottom, the sooner the recovery can begin and the quicker the damage can be reversed. Is it starting to happen?

The one thing you probably haven’t done in quarantine — but should There are a lot of responsibilities at home now, but overseeing finances is just as important. There are a lot of responsibilities at home now, but overseeing finances is just as important.

What does the government need to do to help retirement savers through the COVID-19 crisis? Taking control of your retirement planning during a global pandemicTaking control of your retirement planning during a global pandemic

Investors should prepare for a U.S. ‘economic depression,’ warns Kyle Bass, but China’s fate could be even worse Hedge-fund manager predicts U.S. economy could contract upwards of 10%Kyle Bass made his name betting against the U.S. housing market more than a decade ago, and now he is predicting an economic contraction that could be more than three times as severe as that suffered during the Great Financial Crisis.

Losing a job shouldn’t mean losing a home and other mistakes from 2008 we can’t make again 3 ways for mortgage lenders and home buyers to strengthen the U.S. recovery from the coronavirus crisis3 ways for mortgage lenders and home buyers to strengthen the U.S. recovery from the coronavirus crisis.

Mortgage rates rise from record lows — and signs are emerging that Americans are preparing to re-enter the home-buying market Demand for mortgages used to purchase homes fell by 35% in mid-April, but has started to make a reboundDemand for mortgages used to purchase homes fell by 35% in mid-April, but has started to make a rebound.

How bad is it if I stop paying my mortgage during the pandemic?As the coronavirus pandemic continues to affect jobs and income, people are forced to cut their expenses. Here's what you need to know if you're considering pausing your mortgage payments during the crisis.

Coronavirus is crushing emerging markets. Why the rest of the world will pay a price Essential goods and raw materials to become scarcer, while demand for finished goods declinesEssential goods and raw materials to become scarcer post-pandemic, while demand for finished goods declines, writes Satyajit Das.

Mortgage rates fall to new record low — here’s why some loan applicants won’t be offered them The low interest rate environment isn’t expected to bring much of a boost to the housing market, which is struggling as a result of the economic downturn caused by the coronavirus pandemicThe low interest rate environment isn’t expected to bring much of a boost to the housing market, which is struggling as a result of the economic downturn caused by the coronavirus pandemic.

GDP sinks 4.8% in the first quarter, biggest drop since 2008 and there is worse to come Sharp and sudden plunge in economy echoes Great DepressionThe collapse in the U.S. economy caused by the coronavirus pandemic triggered the biggest drop in gross domestic product in the first quarter since 2008 in a prelude to an even more massive decline in the spring. GDP, the official scorecard for economic growth, shrank at a 4.8% annualized pace.

Fed’s fast and furious reaction to pandemic could grow balance sheet to $10 trillion by early next year Fed is charting new waters, which means fresh problemsMackay Shields’ CEO Jeffrey Phlegar compares the Federal Reserve’s quick reaction to the ‘Great Lockdown’ sparked by the coronavirus pandemic expansion in March, with its more labored response more than a decade ago at the onset of the Great Recession.

3 million Americans are skipping mortgage payments, but Fannie Mae and Freddie Mac will cut mortgage servicers a break Fannie Mae and Freddie Mac will be allowed to purchase home loans in forbearanceFannie Mae and Freddie Mac will be allowed to purchase home loans in forbearance.

Millions of credit card customers can’t pay their bills and lenders are bracing for the impact Credit-card debt kept many consumers afloat but now lenders and borrowers alike are preparing for painMillions of Americans are skipping their credit-card payments as the coronavirus pandemic puts them out of work. Banks and other lenders that for years relied on heavy consumer spending to create big profits are preparing to struggle alongside their customers.

I’m 59, and my husband and I earn $500,000 a year — but have credit card debt and nothing saved for retirement. What should we do? Have a question about retirement? Email chill@marketwatch.com.This couple spent a ‘small fortune’ on their troubled son, but they also own a home worth $1.4 million.

As jobless claims spike, 78% of Americans expect their jobs to return when the pandemic is over Over 26 million people have lost their job in the last five weeksOne out of every four American adults say someone in their household has lost a job to the coronavirus pandemic, but the vast majority expect those former jobs will return once the crisis passes, according to a new poll from The Associated Press-NORC Center for Public Affairs Research.

Mortgage rates go up slightly as some lenders tighten restrictions on who qualifies for a home loan Many banks and lenders have imposed more stringent requirements for new borrowers amid the economic uncertainty caused by the coronavirus pandemicMany banks and lenders have imposed more stringent requirements for new borrowers amid the economic uncertainty caused by the coronavirus pandemic.

Gallup: 25% of U.S. workers fear they'll lose their jobs due to the coronavirus pandemic With an additional 22 million Americans claiming unemployment benefits, the COVID-19 pandemic has erased nearly all the jobs gains of the last decadeWith an additional 22 million Americans claiming unemployment benefits, the COVID-19 pandemic has erased nearly all the jobs gains of the last decade.

All signs point to deepening recession even as U.S. eyes how to reopen for business April might be the ugliest month in U.S. economic historyThe hits to the U.S. economy keep coming. This week’s upcoming reports on layoffs, housing, consumer confidence and the health of businesses are all going to be ugly. Again.

Chicago Fed economic index plunges, latest measure to reflect crippling effect of coronavirus on U.S. growth At negative 4.19 in March, it’s the lowest reading for the national snapshot since early in 2009A slump in factory output and a hit to employment indicators as the globe buckled under the coronavirus pushed the Chicago Federal Reserve’s monthly index tracking the national economy deep into negative territory last month

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